London property market 'close to bottoming out'

Homeowners in London considering building a conservatory to add value to their property in order to sell it when the market recovers may not have long to wait, it has been suggested.

London Central Portfolio Limited has suggested the housing market in the capital may be "very close" to bottoming out.

Chief executive Naomi Heaton explained buyers are waiting until the industry reaches its lowest point before taking advantage of cheap debt, the weakness of the pound and a "softness" in the market.

"My opinion is that we are very close to that point because the market will harden as buyers return and the weight of interest indicates this will happen over the next few months," she said.

Primelocation.com recently revealed asking prices in London fell by 0.5 per cent in March - the first time they have done so in five months.

More than half (53 per cent) of visitors to the website said they felt the market would bottom out some time between April and December this year.